Hartmut KliemtIs Rational Choice Theory Sufficient to Explain the Coming About of Social Order?

Hartmut Kliemt
Is Rational Choice Theory Sufficient to Explain the Coming About of Social Order?

Hartmut Kliemt is Professor of Philosophy & Economics at the Frankfurt School of Finance and Management. He was Professor for Practical Philosophy at the Gerhard Mercator University Duisburg for two decades.
Kliemt follows the English model of the “philosopher economist“ by working interdisciplinary in the fields of philosophy and economy using methods of decision and game theory. His research focuses on health ethics and economics, methodology of the practical sciences (such as medicine, business administration, law), and constitutional political economics. Hartmut Kliemt is one of the leading philosopher economists in Germany and worldwide.

Frankfurt School of Finance & Management is a research-led business school accredited by EQUIS and AACSB International. Frankfurt School offers educational programmes covering financial, economic and management subjects, including Bachelor and Master degrees, various MBAs and a Ph.D. programme, executive education, certified courses of study, open seminars and training courses for professionals, as well as seminars and workshops for those in vocational training. In their research, the members of Frankfurt School’s faculty explore topical aspects of business, management, banking and finance. Frankfurt School experts also manage advisory and training projects on financial matters in emerging markets and developing countries, especially on topics related to microfinance and renewable energy finance. Frankfurt School’s Master of Finance programme is the only German-language Master degree in finance to appear in the current Financial Times ranking (at number 20 in June 2016). In the Handelsblatt ranking of December 2014, which rates the research credentials of German-language business studies lecturers and faculties, the Frankfurt School faculty came fifth in Germany; several Frankfurt School professors also received high individual rankings. In the latest ranking of German-language higher-education programmes by German weekly business magazine Wirtschaftswoche, Frankfurt School ranked seventh in the Business Studies category. In addition to its campus in Frankfurt, Frankfurt School has study centres in Hamburg and Munich, as well as international offices in Ankara (Turkey), Beijing (China), Pune (India) and Nairobi (Kenya). It is a globally connected business school with nearly 100 partner universities. (Source: Frankfurt School of Finance & Management)

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The research presented in this video tackles the old philosophical question on the reasons for social order with the means of modern economics. As HARTMUT KLIEMT elaborates, the rational choice assumption – that human behavior is guided by looking at causal consequences – cannot explain sufficiently why social order exists, because it does not account for rule-following behavior. Thus he shows that economic models of law or politics need to be improved by integrating rule-following behavior.

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